Eric Watkins
OGJ Oil Diplomacy Editor
LOS ANGELES, June 9--A
consortium led by Repsol YPF SA plans oil and gas exploration in
international waters off the Falkland Islands beginning in early 2010.
Repsol
YPF executives disclosed no project details. In 2006, Repsol and
Energia Argentina SA (Enarsa) signed two agreements to explore and
develop oil and gas off Argentina.
The
first is a 10-year strategic agreement covering all areas 100% owned by
Repsol or Enarsa off Argentina within three zones of interest from the
Uruguay border to the Falkland Islands.
The
second agreement establishes a consortium specifically to explore the
Colorado Marina basin. Consortium members are Enarsa, Repsol,
Petrobras, and Petrouruguay
Repsol operates the area with 35%
interest while Enarsa holds 35%, Petrobras 25%, and Petrouruguay 5%.
Argentina and Britain both claim
large areas of the seabed around the islands.
Britain
lodged a claim for 1.2 million sq km in May. Argentina filed a claim
for the same area in April with the UN Commission on the Limits of the
Continental Shelf.
British
company Rockhopper Exploration PLC in May reclassified a 1998 North
Falkland basin exploration well as a gas discovery with a 3.4 tcf mean
contingent resource.
Shell
Exploration & Production Southwest Atlantic BV drilled the 14/5-1A
wildcat on the Sebald prospect to 4,525 m measured depth in 464 m of
water (OGJ, Nov. 9, 1998, p. 44).
